田轩：国家投资天生是耐心资本，为何难真正做到投早、投小、投硬科技？

Core Insights - The article emphasizes the importance of enhancing technological self-reliance and innovation in China's economic development, particularly in the context of the "14th Five-Year Plan" [1][44] - It discusses the current state of China's financial system in supporting technological innovation, highlighting both advantages and shortcomings [4][47] Group 1: Advantages of China's Financial System - The macroeconomic policies, including monetary and fiscal measures, have significantly supported technological innovation, with examples such as a 10 basis point interest rate cut and a 50 basis point reserve requirement ratio reduction in 2025 [5][50] - A multi-tiered capital market has been established, with various platforms like the main board, ChiNext, and the Beijing Stock Exchange catering to different types of enterprises, including high-growth tech firms [9][50] - The development of digital finance in China provides numerous applications that support small and medium-sized enterprises and tech innovators through supply chain finance and big data services [10][51] Group 2: Shortcomings of China's Financial System - The financial system is predominantly based on indirect financing, which does not align well with the needs of technological innovation, as banks prioritize certainty over the inherent uncertainties of innovation [10][52] - Despite a large number of venture capital firms, there is still a tendency to invest later in the development cycle, limiting support for early-stage, high-risk innovative companies [11][52] - The secondary market lacks completeness, with room for improvement in regulatory frameworks, including issuance, trading, and delisting systems to better support innovation [12][52] Group 3: Shift in Financing Dynamics - In 2025, direct financing surpassed indirect financing for the first time, with direct financing reaching 16.7 trillion yuan, accounting for 46.9% of the total social financing increment [13][55] - The mismatch between traditional financial models and the needs of technological innovation is evident in the pursuit of certainty versus the uncertainty of innovation processes [14][56] Group 4: Recommendations for Improvement - There is a need to enhance the inclusivity of the capital market to support early-stage tech companies, allowing for trial and error in innovation [20][23] - Optimizing the evaluation and assessment mechanisms for state-owned venture capital funds is crucial to encourage early and small investments in high-risk projects [29][30] - Encouraging corporate venture capital (CVC) can provide strategic support for innovation, as these investments often focus on long-term growth rather than immediate financial returns [31][32]